The global thyroid cancer drugs market was valued at about $0.4 billion in 2018 and is expected to grow to $0.77 billion at a CAGR of 17.7% through 2022.
The thyroid cancer drugs market consists of sales of drugs that are used to treat thyroid cancer. The thyroid tissue is made up of follicular cells and parafollicular cells in which cancer develops. The types of thyroid cancer include follicular, papillary, medullary, anaplastic and thyroid lymphoma.
North America was the largest region in the thyroid cancer drugs market in 2018, followed by Europe. The thyroid cancer drugs market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
Increasing incidences of thyroid cancer, especially in women is driving the thyroid cancer drugs market. According to the American Cancer Society, women are three times more likely to develop thyroid cancer than men. Thyroid cancer is rising at a fast pace and it is estimated that 52,070 new cases of thyroid cancer will be found in the USA in 2019 and an estimated 2,170 deaths will occur because of the disease. The increase in thyroid cancer can be attributed to exposure to radiation, family history of goiter and some hereditary syndromes.
Increasing use of targeted therapies for the treatment of thyroid cancer is acting as a restraint on the thyroid cancer drugs market. Targeted therapies target cancer specific genes, proteins and tissues that promote cancer growth and survival. Targeted therapies are increasingly being used to treat thyroid cancer as thyroid hormone-based treatments including radioactive iodine therapy are not effective against these cancers. For example, Vandetanib (Caprelsa) and Cabozantinib (Cometriq) are targeted therapies used to treat advanced medullary thyroid cancer (MTC). As patients increasingly use targeted therapies for treatment, demand for thyroid cancer drugs is decreasing, affecting market growth.
Combination drugs are increasingly being used in the treatment of thyroid cancer as they are more effective and help prevent cancer progression. A combination drug includes two or more active pharmaceutical ingredients (APIs) combined in a single dosage form. These drugs reduce the development of drug resistance and prevent the growth of cancer cells. For instance, in 2018, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.
Manufacturers of thyroid cancer drugs are governed by regulatory authorities such as the Food and Drug Administration in the USA. For instance, off-label usage of FDA approved drugs for the treatment of cancer requires approval from the FDA. Manufacturers are required to submit a supplemental marketing application called sNDA( Supplemental New Drug Application) to the FDA that approves the drug for prescription.
In February 2019, Eli Lilly and Company acquired Loxo Oncology, Inc.for $8 Billion. The acquisition provides Eli Lilly access to a pipeline of investigational medicines like RET inhibitors which are used in thyroid cancer treatment. Loxo Oncology was established in 2013 and is located in Stamford, USA.
Major players in the market are Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., Jerome Stevens Pharmaceuticals Inc.
- Markets Covered: 1) By Drug Type: Ipilimumab, Cabozantinib-S-Malate, Caprelsa (Vandetanib), Doxorubicin Hydrochloride, Lenvatinib Mesylate, Nivolumab, Vandetanib, Others 2) By End Users: Hospitals, Oncology Clinics, Research Organizations, Others 3) By Type: Radioiodine Ablation, Thyroid Stimulating Hormone (THS) Suppression, Chemotherapy, Targeted Multikinase Therapy, Others
- Companies Mentioned: Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., Jerome Stevens Pharmaceuticals Inc.
- Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
- Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
- Time Series: Five years historic and forecast.
- Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Baxter International Inc.
- Abbott laboratories
- App pharmaceuticals llc.
- AstraZeneca PLC
- GlaxoSmithKline plc
- Exelixis Inc.
- Novartis AG
- Pfizer Inc.
- Vascular Biogenics
- Azaya Therapeutics
- Bio-Path Holdings
- Takeda Pharmaceutical Company
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